Aeroméxico Targets $2.92 Billion Valuation in U.S. IPO After Successful Rebound

Grupo Aeroméxico is preparing a strong return to Wall Street with an initial public offering (IPO) that could value the company at up to $2.92 billion, marking a major milestone after its post-pandemic recovery. The Mexico City-based airline and several existing shareholders plan to raise around $234.5 million through the sale of 11.7 million American Depositary Shares (ADS), priced between $18 and $20 each. The stock will trade on the New York Stock Exchange under the symbol “AERO.”

Aeroméxico’s public market comeback follows its 2020 Chapter 11 bankruptcy filing, where it faced about $2 billion in debt due to plummeting travel demand amid the COVID-19 pandemic. Since emerging from bankruptcy in 2022, the airline has stabilized under the backing of Apollo Global Management and Delta Air Lines, showing strong financial recovery and renewed investor confidence.

Adding to the momentum, PAR Investment Partners has committed to invest $25 million in Aeroméxico shares through a private placement, priced at 95% of the IPO rate. Leading the offering are Barclays, Morgan Stanley, J.P. Morgan, and Evercore, serving as joint bookrunners.

Founded in 1934 as Aeronaves, Aeroméxico has a storied history as Mexico’s flagship carrier. The company was nationalized in 1959 and later privatized in 2007, when an investor group led by Citigroup acquired it for around $250 million. After going public on the Mexican Stock Exchange (BMV) in 2011, Aeroméxico delisted in 2022 as part of its restructuring plan.

Today, the airline competes vigorously with low-cost carriers Volaris and Viva Aerobus, catering to both business and leisure travelers. Aeroméxico’s IPO underscores its strategic push to reclaim global market presence, following in the footsteps of LATAM Airlines, which made its own return to the New York Stock Exchange in 2024 with a $456 million offering.